Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce that it has signed a minimum $9 million manufacturing agreement with Digital Dream Labs, Inc. (“DDL“) to design and develop an AI consumer companion robot drone (the “Drone”).
DDL is an edtechtainment company that specializes in the development of hands-on video games and personal robots. Their popular desktop robots, Cozmo and Vector, are two of the best-selling consumer robots of all-time.
As per the terms of the announced agreement, Draganfly will be the exclusive manufacturer and assembler of the Drone. DDL will order at least 50,000 units annually with delivery starting in 2022. The Drone will be integrated into DDL’s existing product family, including support, sales and distribution channels used for their other consumer robots. Draganfly has also been granted a right of first refusal to become the exclusive manufacturer and assembler of subsequent drone or UAV-based robots to be added to Digital Dream Labs’ product portfolio.
According to the Consumer Drones Global Market Report 2021, the global consumer drone market is expected to top $2.3 billion in 2021 at a compound annual growth rate (CAGR) of 12%. In 2025, the market is forecasted to reach nearly $3.3 billion at a CAGR of 9%.
“We are very excited to be working with Draganfly on the newest addition to the Cozmo family.” said Dr. Jacob Hanchar, co-founder and CEO of Digital Dream Labs. “This AI robot drone fits perfectly into our portfolio and complements our mission as we continue to change the narrative around technology and illustrate how it can be used to improve lives.”
“The Draganfly team is incredibly excited to be working with Digital Dream Labs and helping them in taking hands-on educational technology to new heights with this new robot. Our team of robotics, AI and aviation experts are looking forward to helping DDL cement their market leading position by developing the ultimate drone companion,” said Cameron Chell, CEO of Draganfly.
The parties have entered into a binding letter agreement reflecting the above terms and will use commercially reasonable efforts to enter into a definitive agreement. The binding letter agreement will govern the relationship between DDL and Draganfly and there can be no assurance that a definitive agreement will be completed or entered into amongst the parties.
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